Colliers Closes Colorado Springs Value-Add Sale

Bill Morkes and Craig Stack represented the seller of the 200-unit community.
The Palmer Park. Image courtesy of Colliers International
The Palmer Park. Image courtesy of Colliers International

Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park, a 200-unit community in Colorado Springs, Colo. Vice President Bill Morkes and Senior Vice President Craig Stack worked on behalf of seller Roundhouse.

Los Angeles-based Clear Capital LLC entered the Colorado market after paying $26.1 million—or $130,500 per unit—for the value-add asset located in the expanding metro. According to Colliers, the $207 per-square-foot price marks a record for multifamily properties built in the city before 1990. 

Completed in 1949, the 20-building property spans across approximately 9 acres at 1304 E. San Miguel St., in central Colorado Springs. The Palmer Park features a mix of studio, one- and two-bedroom units ranging from 450 to 760 square feet. The community includes 20 laundry facilities and 360 parking spaces, and was 95.5 percent occupied as of December, according to Yardi Matrix data. The property last traded in 2013, when Roundhouse purchased it for $10.5 million. The community was originally built as military housing, but has been operated as a market-rate property for years. 

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.